TSX-V Symbol: PCY
VANCOUVER, Jan. 7 /CNW/ - Prophecy Resource Corp. is pleased to announce
that it completed its 2007 exploration season at the Okeover copper/molybdenum
project on December 15, 2007. The year's final drill program, which started in
late October, was designed to test the South Breccia Zone located 3,500 metres
south of the North Lake Zone, where an inferred resource of 86.8 million
tonnes grading 0.31% copper and 0.0014% MoS2 has already been identified (see
the National Instrument 43-101 report prepared on the Okeover Property by N.C.
Carter, PhD, P.Eng, in October, 2006). Three holes totalling approximately
790 metres (2600 feet) were completed during this program.
At the South Breccia Zone, well altered and locally highly mineralized
exposures of hydrothermal breccia and silicified quartz diorite have been
identified but, until now, have had very little exploration. Both the first
and second holes completed during the program returned large footages with
visible chalcopyrite and molybdenite mineralization, however no conclusions
can be drawn as to the nature or extent of such mineralization prior to the
receipt of assays, which should be available in late January.
Several sites have been prepared in the North Lake Zone, where the
company plans to resume drilling in the spring. Drilling completed at North
Lake in early 2007 intersected extensive intervals of mineralization well
beyond the limits of the prior resource calculation, at depth and on the east
side of the North Lake Zone (where hole OK-07-02 ended with a 23 metre
intercept grading 0.24% copper and 0.031% MoS2) and on the western boundary
(where hole OK-07-04 ended with a 76 metre intercept grading 0.34% copper and
0.020% MoS2). Holes OK-07-01 to OK-07-04 confirmed that mineralization in the
North Lake Zone has not been constrained by depth and remains open on the
eastern and western edges, offering substantial opportunities for expansion of
the resource. In addition, molybdenum grades appear to be increasing to the
J.W. (Bill) Morton, P.Geo., a director of the Company and qualified
person within the context of National Instrument 43-101, has read and takes
responsibility for this news release.
About Prophecy Resource Corp.
Prophecy is currently exploring the Okeover Copper-Molybdenum property on
tidewater in B.C., 25 kilometres north of the City of Powell River. In 2006,
N.C. Carter, PhD, P.Eng, completed a technical report on the Okeover Property
pursuant to NI 43-101 that estimated an inferred mineral resource for the
North Lake Zone of 86.8 million tonnes grading 0.31% copper (approximately
593,000,000 lbs) and 0.014% MoS2 (approximately 15.9 million lbs of
molybdenum) at a 0.20% copper cut-off grade.
ON BEHALF OF THE BOARD OF DIRECTORS
Stuart Rogers, Chief Financial Officer
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: visit our web site at www.prophecyresource.com,
or e-mail us at firstname.lastname@example.org; Investor Relations: Contact
Financial Corp., Telephone: (877) 689-7411